The Ones For Real Estate: Experts Say Buyer, Seller Behaviors Changing
FORT WORTH (CBSDFW.COM) -- Real estate experts insist while a cool down has started for North Texas real estate, the market is not entirely cool or back to normal.
Nevertheless experts say buyer and seller behaviors are changing as the frenzy calms.
Jacqueline Schrock is a realtor with REMAX Town & Country and is offering tips as to how buyers and sellers can re-calibrate their strategies to wheel and deal in this softening market.
She advises sellers get back to the basics that maybe weren't as necessary at the peak of the market earlier this year.
She said, "If you are a seller and you want top dollar for your house, you want multiple offers make sure you have done the work to have it well maintained to do some of the smart update buyers are looking for."
She says staging the home properly, and pricing it well are also important.
The days of astronomical list prices she says are over with.
She adds, "What your neighbor priced their home for 3 or 4 months ago may not be the right price today. So it needs to be priced right."
So how about buyers?
Schrock said, "What I am telling buyers is if they want to focus on a home that is a good boned home that's been well maintained and it might need some cosmetic work done, but they are going to get better pricing on a home that is not the top dollar."
She says there are many options in that segment of the market that are opening up.
She also suggest buyers work closely with their agents to research current trends in the neighborhood they are interested in to avoid over bidding, adding, "Look at more recent activity, what's happening. Have I seen the homes stay on the market just a little bit longer? Am I seeing the most recent sales not go as high above list price as they did 3-4 months ago."
Buyers are also being advised now is a good time to start bringing back contingencies in their offers that they were encouraged to wave earlier in the year just to stay competitive.
Schrock added, "Go ahead and offer that option period, go ahead and offer a loan rather than trying to pull the cash together, and I'm seeing offers getting accepted that are not quite as aggressive as we were seeing in the past few months."